In-depth coverage across DeFi and the Hyperliquid ecosystem — reports, analysis and interviews.
![Trade[XYZ] 2026 Q2 Report](/assets/img/tradeXYZ 26Q2.png)
Every report, analysis and interview we’ve published.
Trade[XYZ]'s Q2 2026 in review — Hyperliquid's dominant HIP-3 deployer with $202B volume (+79%), 95%+ of HIP-3 volume, the launch of Pre-IPO Perpetuals (Cerebras, SpaceX, Quantinuum), and the CFTC's first US-regulated perpetual futures approval.
President Trump named Hyperliquid directly at the White House, removing HYPE's single largest overhang — US regulatory access. Using live HRC × HL Eco data, why the bull case just got a lot bigger: $PURR, crypto volume, forward earnings, and metrics at all-time highs.
Hyperliquid's Q2 2026 in review — HIP-3 RWA perps hit $213B (a third of exchange volume), the first HYPE ETFs began trading, HYPE rose 79% to a new all-time high, and protocol revenue closed at $169M with $141M returned via buybacks.
GLC Research's take on Maple's MIP-021 — a rules-based SYRUP buyback that scales with revenue. What's strong, what's weak, and how to improve it.
Maple grew AUM to $3.87B through a crypto drawdown while DeFi TVL contracted 12%. Loan book near all-time highs and syrup yields widened their premium over every major alternative.
A comprehensive, data-driven view of Maple's Q1 2026 performance — AuM, loan activity, revenue trends, monetization efficiency, and product performance across chains and pools.
Hyperliquid's financial performance, ecosystem developments and structural transformations through Q1 2026 — the quarter the "House of All Finance" thesis became undeniable.
Key takeaways from Hyperliquid Strategies' ($PURR) second earnings call — accelerating HIP-3 and Trade[XYZ] momentum, a new Unit Labs validator, HYPE's widening independence from crypto markets, and continued treasury deployment across a strong quarter.
![Trade[XYZ] — 2026 Q1 Report](/assets/img/tradeXYZ good template.png)
Trade[XYZ] closed Q1 2026 as the dominant venue for real-world asset perpetual derivatives onchain — $112.87B volume, $1.94B open interest and the first licensed S&P 500 perp on any DEX.
An 11-person team with no external funding generated nearly $1B in free cash flow in 2025, almost entirely returned to token holders through HYPE buybacks. A TradFi-style annual review.
Despite a challenging quarter, Maple's AuM held near $3.8B and revenue hit a monthly ATH of $2.57M. A summary of the Q1 2026 investor call.
Key takeaways from $PURR's first earnings call as a Hyperliquid treasury vehicle — HYPE holdings, treasury strategy, NAV framework and supply analysis.
Where Hyperliquid stands after the October 10 liquidation cascade — volume and open interest recovery, HIP-3 momentum, market share vs CEXs, revenue and user growth.
Despite market volatility and the Core dispute, Maple Finance delivered a breakout year in 2025, growing AuM nearly 10x with zero liquidations and strong demand for its yield products.
How Hyperliquid scales globally with a 14-person team — Unit, builder codes, borderless distribution, HIP-3 equity perps and USDH, each adding revenue at near-zero marginal cost.
HRC is an initiative by GLC Research and Four Pillars — two independent crypto research firms — to reduce information asymmetry around Hyperliquid.
syrupUSDC grew from $155M in January to over $2.5B in Q3 — now the third-largest yield-bearing dollar in DeFi, with consistent yield, low volatility and broad cross-chain adoption.
An interview with Martin de Rijke, Maple's Head of Growth — the drivers of Q3 growth, syrupUSDC's outperformance, the future of onchain asset management, and the rise of syrupUSDT.
Maple's Q3 2025 — AUM up 66% to $4.19B, active loans up 45% to $1.75B, and six straight months of record revenue, solidifying its position as the leading onchain asset manager.
A recap of Bob Diamond and David Schamis (Hyperliquid Strategies) on Forward Guidance — permissionless financial rails, perps mechanics, valuation, and the macro backdrop.
Maple's AUM and active loans both rose +15% in August, revenue hit a new ATH of $1.41M, and syrupUSDC supply surpassed $1B, boosted by Spark and rapid Solana adoption.
A recap of our call with Bob Diamond and David Schamis, founders of Hyperliquid Strategies — a firm with a singular objective: maximizing HYPE per share.